Former J.P. Morgan Analyst Indicted on Federal Charges for Insider Trading
On Tuesday, Ashish Aggarwal, 27, a former analyst with J. P. Morgan Securities along with his two friends were indicted on federal charges for illegally making $600,000 or more by trading that was based on inside information.
All the three men surrendered to the FBI morning. They are all accused of using inside information that was not available to public for netting illegal profits by trading. These advance trading were done for two acquisitions in 2012 and 2013 respectively.
A Los Angeles federal grand jury indicted each man with thirty counts of conspiracy, wire fraud, securities fraud and tender offer fraud. The three men were likely to be released on bond.
Astatement from Grant Fondo, who is representing Aggarwal in the SEC case said, "Mr. Aggarwal denies the charges against him. He has retained Goodwin Procter to represent him in this matter and intends to vigorously defend himself against these allegations." The attorneys representing the other two accused Bolandian and Sadigh in the civil case were not immediately available for an answer.
According to the accusation, Aggarwal received some insider information regarding some future mergers and acquisitions of publicly traded companies which he shared with his friend Shahriyar Bolandian. The information was further carried on to Kevan Sadigh by Bolandian.
The two friends, Bolandian and Sadigh supposedly used the information for advance trading from which the three men profited greater than $600,000.
The prosecutors said that, the money was then used by them to cover earlier trading losses and also to repay debts that were incurred by Aggarwal and Bolandian.
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